Ponzi scheme Mavrodi Mondial Moneybox (MMM) has resumed operations in Nigeria. Even though no official statement has been released, Nairametrics has confirmed from several participants who received messages regarding the resumption. In order to forestall a stampede in withdrawals, MMM has stated that they will be limited to a fixed amount daily. Priority will be given to withdrawals in small amounts. Despite warnings by the Securities and Exchange Commisssion (SEC) on its illegality, MMM drew a large followership in the country. Over three million Nigerians are thought to have participated in the scheme.
MMM Nigeria Resumes Ahead of Schedule
Onome Ohwovoriole
Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com
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